Feb 282013


This morning’s pre-market economic data came in mixed with jobless claims beating expectations and GDP missing expectations.  After yesterday’s big move up, the reports didn’t provide any directional fuel.  The Chicago PMI came in next at 9:45am and beat expectations, but not enough to encourage the bulls to push price to new all time highs.  Thus, the ES settled into a 7 point range for most of the morning, making a retest of the day’s lows around 11am EST.  This retest unfolded into today’s example trade opportunity.

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